The Global Electric Vehicles (EV) On-Road Market size is projected to grow from 1,700 units in 2016 to X.X million units by 2028, at a CAGR of 61%. The growth can be attributed to the rising demand for EVs all over the world. From 2021-2028, North America will lead with a share of 35%, followed by Europe and Asia Pacific regions with shares of 22% each.
Electric vehicles (EV) on-road, also known as electric cars or EVs for short; are powered by an electrical motor and battery. The electricity is supplied from a power plant through the grid before it enters your wall socket at home to charge the car’s battery. This means that they do not emit any harmful gases such as nitrogen oxide, sulphur dioxide, and carbon monoxide into the atmosphere like traditional combustion engine vehicles(ICEVs).
On the basis of Type, the global electric vehicles (EV) on-road market is segmented into electric cars, electric buses, and others.
Electric cars are those which run on electricity as their main source of power. They include battery electric vehicles (BEVs), plug-in hybrid electric vehicles(PHEVs), and fuel cell electric vehicles (FCEV). Electric cars are powered by electricity and do not give out any emissions. They have high energy efficiency, so they save on fuel expenses and reduce carbon footprint as well. Some of the features of electric cars include: -Lower maintenance costs than their petrol counterparts -Zero emission vehicle (ZEV) status in several countries -Self-driving capabilities with advanced sensors such as Lidar, Radar, etc., which assist them to navigate roads more efficiently, especially in foggy conditions -Increase in electric cars market share over petrol counterparts. -Easier to park due to their compact nature and can be charged overnight at home or office by plugging them into the wall outlet using charging cables. -Lower tire pressure, which causes less wear and tear to tires.
Electric buses are battery-powered vehicles that can be used for public transportation. They are mostly run on batteries which get charged every day. Electric buses have zero tailpipe emissions, making them environmentally friendly and sustainable ways to move people from one point to another in a city setting. Some of the regions where electric bus usage is increasing rapidly include China, India, Japan, U.S., Germany, etc. Electric buses are not only environmentally friendly but also help to reduce the fuel consumption of a city. Additionally, they can be conveniently charged at stations which means that less time is needed for refueling and more time is available for passengers, allowing public transportation agencies to increase their service frequency.
On the basis of Application, the global electric vehicles (EV) on-road market is segmented into commercial, household.
There are many commercial applications of EVs. The most common ones include electric buses, taxis, and other public transportation vehicles; airport ground support equipment at airports; shuttle services for employees in office compounds; food trucks or delivery vans with refrigeration units that use propane or natural gas to operate the cooling systems (instead of diesel); construction machinery such as excavators and forklifts; oil & gas industry transport which includes supply ships, ferries, fishing vessels and platforms; and others.
Household applications of electric vehicles (EV) on-road include transportation to school, commuting to the office, or daily work. Additionally, EVs can be used as taxis in large cities like New York and London where people don't own cars but use public transportations. With the advancement of technology, EVs are being used in areas where cars were not possible to drive before. Moreover, EVs can be seen as an alternative for short-distance trips that are usually done by motorcycles due to their unique technologies and trends like carpooling which have changed consumers' needs over time.
On the basis of Region, the global electric vehicles (EV) on-road market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to play a major role in driving this market growth owing to stringent government policies promoting green vehicles along with advanced infrastructure facilities for EVs across countries such as U.S., Canada, and Mexico among others. According to the European Automobile Manufacturers Association (ACEA), sales of electric cars in Europe increased by 28% during 2017, which represents about 355 000 units sold.
Brazilians are already used to its benefits as it provides them with a nice option for transportation in big cities like Sao Paolo due to their overcrowding issues which reduces air pollution every day during commuting hours. The situation will likely get better over time because there are many Brazilian manufacturers that produce these types of EVs such as Italika Motors company or TAC Motors. This makes Brazil one step closer to sustainable transport solutions! Get our report today about this industry’s development through 2021 – 2028; discover how this market will progress.
Electric Vehicles On-road Market in the Asia Pacific is expected to witness a CAGR of 18.34% during the forecast period from 2019–2028, and it is estimated that by 2023, there will be more than 35 million electric vehicles on road globally. The market for electric vehicles (EV) on-road in the Middle East & Africa is witnessing a surge. Currently, there are over 200 models of EVs available in the region including e-bikes and scooters with prices ranging between $2000 to $10000. The number of registrations has also been increasing steadily from more than 1100 units recorded in 2017 to more than 1600 units projected by 2021 as compared to just 1431 registered EVs across Gulf Cooperation Council countries as well as Iran during 2017.
Some of the factors driving this growth include growing concerns for environmental pollution, stringent regulations, increasing focus toward reducing carbon emission levels, and the adoption rate of EVs across developing economies. Reduction in battery costs through technological advancement. Government regulations – emission norms and also safety standards. Increasing demand from developing nations such as China, India, and others.
Up Market Research published a new report titled “Electric Vehicles On Road Market research report which is segmented by Types (Electric Cars, Electric Buses, Electric Bikes and Scooters, Other), By Applications (Commercial, Household), By Players/Companies Tesla, Honda Motor, Nissan Motor Corporation, Ford Motor Company, Toyota Motor Corporation, Bayerische Motoren Werke, General Motors, Volkswagen, Groupe Renault, Daimler AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Electric Vehicles On Road Market Research Report|
|By Type||Electric Cars, Electric Buses, Electric Bikes and Scooters, Other|
|By Application||Commercial, Household|
|By Companies||Tesla, Honda Motor, Nissan Motor Corporation, Ford Motor Company, Toyota Motor Corporation, Bayerische Motoren Werke, General Motors, Volkswagen, Groupe Renault, Daimler AG|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||242|
|Number of Tables & Figures||170|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Electric Cars, Electric Buses, Electric Bikes and Scooters, Other and By Application Commercial, Household.
Some of the companies that are profiled in this report are:
Electric Vehicles On Road Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Electric Vehicles On Road Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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